- Increase in incidences of irritable bowel syndrome and growth in the geriatric population across the globe have boosted the growth of the global bowel management systems market
PORTLAND, Oregon, March 24, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Bowel Management Systems Market by Product (Colostomy Bags, Irrigation System, Nerve Modulation Devices, and Accessories), Patient Type (Adult and Pediatric), and End User (Homecare, Hospitals, and Ambulatory Surgery Centers): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global Bowel Management Systems Industry was pegged at $2.51 billion in 2018, and is projected to reach $3.59 billion by 2026, growing at a CAGR of 4.5% from 2019 to 2026.
Chief reasons for market fluctuations
Increase in incidences of irritable bowel syndrome and growth in the geriatric population across the globe have boosted the growth of the global bowel management systems market. However, the dearth of trained professionals hampers the market. On the contrary, rise in growth opportunities in emerging economies would further supplement the market growth.
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Colostomy bags segment dominated the market
By product, the colostomy bags segment held the largest share in 2018, accounting for more than two-fifths of the market, owing to increased usage in hospitals, clinics, and even home care for the management of fecal inconsistency in adults. However, the accessories segment is projected to manifest the fastest CAGR of 5.4% during the forecast period.
Home care segment to portray the highest CAGR by 2026
The home care segment is estimated to register the highest CAGR of 5.6% from 2019 to 2026, due to surge in adoption of bowel management systems in home care settings, requirement for device replacement on regular intervals, and increase in prevalence of chronic disorders. However, the hospitals segment held the largest share in 2018, accounting for nearly half of the market. This is due to the fact that the majority of the hospitals provide coverage for different bowel management procedures along with other requirements.
Adult demographic holds the largest share
The adult segment held the largest share in 2018, contributing to nearly two-thirds of the market. Moreover, the segment is expected to register the fastest CAGR of 4.9% during the forecast period. This is attributed to the fact that elderly people are more prone to fecal inconsistency as compared to pediatrics.
North America held the largest share
The market across North America held the lion's share in 2018, contributing to more than two-fifths of the total revenue, due to considerable increase in the geriatric population in the region. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 6.0% during the forecast period. This is due to increase in demand for healthcare infrastructure, rise in the number of hospitals in emerging countries, the developing R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
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Major market players
- CR Bard (BD)
- B. Braun
- Axonics Modulation technologies
- Cogentix Medical
- Wellspect Healthcare
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